Silver Price Forecast: XAG/USD hovers near $33.00, four-month highs

• Silver price may test the primary barrier at the four-month high of $33.40 level.
• The 14-day RSI remains above the 50 mark, reinforcing a bullish bias.
• The primary support appears at the nine-day EMA of $32.41.

Silver price (XAG/USD) loses ground after registering gains in the previous session, trading around $32.80 during the Asian hours on Wednesday. Technical analysis on the daily chart indicates a weakening bullish bias, with the grey metal remaining below an ascending channel pattern.

However, the Silver price remains above the nine-day and 50-day Exponential Moving Averages (EMAs), signaling that short-term momentum is stronger and further upward movement. Additionally, the 14-day Relative Strength Index (RSI) is positioned above the 50 mark, reinforcing the bullish bias.

On the upside, the primary barrier appears at the four-month high of $33.40, recorded on February 14, which is aligned with the lower boundary of the ascending channel. A successful return to the ascending channel would strengthen the bullish outlook and drive the metal price toward the channel's upper boundary at $35.10.

To the downside, the XAG/USD pair may find initial support at the nine-day EMA of $32.41, followed by the 50-day EMA at $31.65 level. A break below this level could weaken short- and medium-term price momentum, pushing Silver's price toward the two-month low of $30.70, recorded on February 3.

XAG/USD: Daily Chart